Viacom, Time Warner to Sell Theaters
Viacom Inc. and Time Warner Inc. agreed to sell Cinamerica Theaters, their jointly owned chain of movie theaters, to a group including Warburg, Pincus Ventures.
The buyer is WestStar Holdings Inc., a joint venture of Jeffrey Lewine and Warburg, Pincus. Terms were not disclosed.
Cinamerica operates 62 theaters with 374 screens, including the Mann Theater chain and the landmark Mann’s Chinese theater in Hollywood. The theaters are mostly in California and Colorado.
The proposed sale would continue the consolidation in the movie theater business.
Earlier this month, Hicks, Muse, Tate & Furst Inc. agreed to buy United Artists Theatre Group for about $850 million in cash and debt.
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